Westrock Coffee (NASDAQ:WEST) Stock Price Up 5.9% – Here’s What Happened

Westrock Coffee Company (NASDAQ:WEST) shares traded up 5.9% during mid-day trading on Tuesday . The stock traded as high as $8.09 and last traded at $8.1440. 46,723 shares were traded during mid-day trading, a decline of 91% from the average session volume of 503,615 shares. The stock had previously closed at $7.69.

Wall Street Analyst Weigh In

Several analysts have recently commented on WEST shares. Telsey Advisory Group raised their target price on shares of Westrock Coffee from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Westrock Coffee in a report on Tuesday, August 4th. Benchmark reiterated a “buy” rating on shares of Westrock Coffee in a research report on Monday, August 31st. Finally, Stifel Nicolaus set a $9.00 target price on Westrock Coffee in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Westrock Coffee currently has an average rating of “Hold” and a consensus target price of $10.00.

Westrock Coffee Price Performance

The company has a market capitalization of $788.85 million, a price-to-earnings ratio of -12.24 and a beta of 0.89. The firm’s 50-day simple moving average is $7.98 and its two-hundred day simple moving average is $7.09.

Westrock Coffee (NASDAQ:WEST) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The firm had revenue of $305.66 million for the quarter, compared to analysts’ expectations of $318.80 million. Westrock Coffee had a negative return on equity of 2,145.68% and a negative net margin of 4.88%. On average, analysts expect that Westrock Coffee Company will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Westrock Coffee

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WEST. BlackRock Inc. purchased a new position in shares of Westrock Coffee during the 2nd quarter worth approximately $22,500,000. State Street Corp grew its holdings in Westrock Coffee by 3.7% during the 2nd quarter. State Street Corp now owns 793,823 shares of the company’s stock valued at $6,438,000 after buying an additional 28,318 shares during the last quarter. Agman Capital LLC acquired a new stake in Westrock Coffee during the 4th quarter valued at $3,007,000. Bank of America Corp DE purchased a new position in Westrock Coffee during the second quarter worth $3,049,000. Finally, Algert Global LLC purchased a new position in Westrock Coffee during the second quarter worth $2,816,000. Institutional investors and hedge funds own 45.08% of the company’s stock.

About Westrock Coffee

Westrock Coffee Company (NASDAQ: WEST) is a global provider of integrated coffee, tea, flavor, extract and ready-to-drink beverage solutions. The company sources, develops, manufactures and distributes beverage products for businesses seeking customized offerings and end-to-end supply-chain support.

Its products and services include roasted and soluble coffee, tea, ready-to-drink beverages, flavors, extracts and related ingredients. Westrock Coffee also provides beverage equipment, brewing systems, packaging, product development and logistics services.